Provider Offers GHG Technology Coverage
Zurich, a global property and casualty insurance provider, on Jan. 19 announced the availability of its Carbon Capture and Sequestration (CCS) Liability Insurance and Geologic Sequestration Financial Assurance (GSFA) offerings.
These specialized products are designed to meet the unique insurance needs of CCS projects from design over operational phases through to closure and post closure events at the geologic storage sites.
"We are proud to add these new products to enable the use of this new climate risk mitigation technology," said Lindene Patton, Climate Product officer. "Their creation exemplifies the best of what Zurich has to offer – the ability to deliver innovative risk management solutions to the most difficult climate-related challenges our customers are facing. Such a comprehensive approach is only possible through deep collaboration – connecting our internal expertise with public policy, industry, and academic experts to create a sum which is bigger than the parts."
Zurich can facilitate the deployment of and insurance of an innovative cleaner coal solution from design to closure through the following coverages:
CCS Liability Insurance Policy
• pollution event liability,
• business interruption,
• control of well,
• transmission liability, and
• geomechanical liability.
The GSFA Policy covers specified closure and post closure activities.
These products can be applied not only to cleaner coal operations, but also to a wide variety of industrial processes, onshore and offshore. Not all coverage is available in all jurisdictions.